Biz Bits: Going back to college? Chase your passion, not a paycheck

Weekly business column, with college tips, BBB wedding advice and more.

Tip of the Week

Given current economic conditions, it's no surprise that many people are considering going back to college either to pursue a more advanced degree in their field or to change fields altogether.

Seth Saunders, president of South University in Virginia Beach, Va., offers the following advice. "College represents a significant investment in time and money, so start wisely, and conduct a thorough self-assessment."

If you are not sure where your passion would take you, let alone what it may be, then sit down with pen and paper and make a list of the following: things you like to do in your free time, skills that come easily to you and topics you relish reading about. These will sharpen your focus.

After you have identified a career path that uses your strengths and engages you in the type of activity that you most enjoy, meet and interview people currently working in that field.

Finally, it's important to determine what you are willing to sacrifice in order to return to college.

"It can be overwhelming at first, but once you establish a routine, this new regimen will become second nature, and the organizational skills you gain will serve you well in your career," Saunders says.

- ARA

BBB Watch

Summer is the most popular time for weddings; however, even before the ceremony, couples should take time to sit down and get serious about money. The Better Business Bureau advises newlyweds to take control of their finances or the walk down the aisle may lead to a rocky financial future.

In order to start a new life together on the right financial foot, the BBB offers the following advice:

- Let financial skeletons out of the closet. After marriage, any personal debt becomes "our debt," and it's important to sit down before and discuss what outstanding obligations exist on both sides including car loans, school loans and credit card debt. Review your credit reports to get a better idea of what you are both bringing to the marriage.

- Build a budget. After you've gotten a grasp on your debt, it's time to build a monthly budget. Look at your monthly bills to create a realistic picture of how you spend. Discuss your long-term goals and figure out how much money you need to set aside every month to reach those goals.

- Designate a driver but travel together. In order to avoid confusion, one person should be assigned to paying the bills every month. This doesn't mean that the other person takes a back seat role in managing the finances. Have frequent discussions about your financial progress in order map your path and nip any bad spending habits in the bud.

- Plan for emergencies. Young couples may fail to save money to get them through hard times such as health problems and unexpected unemployment. Experts recommend you set aside three to six months of salary in a rainy day fund-ideally an interest-bearing account that can be easily accessed.

- Save for the future. Retirement may seem like a long way off to newlyweds, but setting aside money now means reaping big rewards later on.

For more advice on managing your money, visit www.bbb.org.

The List

Here are the world’s most powerful celebrities, according to www.forbes.com:

1. Oprah Winfrey

2. Beyonce Knowles

3. James Cameron

4. Lady Gaga

5. Tiger Woods

6. Britney Spears

7. U2

8. Sandra Bullock

9. Johnny Depp

10. Madonna

Number to Know

14: The NAHB/Wells Fargo Housing Market index in July, the lowest number since April 2009.